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USD/CAD signals bullish continuation with 1.30 in sight again

The pair also broke above the cluster of 200-, 100-, and 50-period simple moving averages (SMAs).

After tagging 1.30 it retreated, but found support above 1.2750 where I was taking a stab at. However, the market took off missing my entry by a hair. It happens.

Note that the RSI turned up from 40, another sign that bullish momentum is developing. Price also shows respect to the cluster of SMAs as support, which is a bullish slingshot signal. Finally, with price breaking above a consolidation pattern, the 1.30 level is back in sight.

At this point, I would consider buying on a dip to 1.2835-50 area, but this will probably happen either late today, or early next week. Perhaps there will be some selling at 1.29, another common support/resistance pivot, to bring price back towards my anticipated entry area.